Amex credit cards, sometimes called the “gold” cards, are one of the most popular types of credit cards and have become a mainstay in the travel card market. These cards give the cardholder some pretty nice perks and can often earn you double points for shopping at the same store. But you must keep in mind that with these types of cards, the rates on your credit card account will typically be higher than if you had a Visa or MasterCard. That's why it's so important to read the fine print on the Amex card application to make sure you understand the terms and conditions before applying.
The first thing you should know about your Amex statement is that you need to apply early. This applies to all the major cards and even the ones with the different rewards programs. By applying early, you are able to secure better rates. And if you do happen to qualify for a great deal on a new card, you may be able to negotiate your way into a better rate. Remember, there is no such thing as a “special introductory rate” for these cards – they always have the standard interest rate and are available to everyone, no matter how much their credit rating.
So what kind of Amex statement credit card can you get? You can get one that has a very generous balance transfer fee and has a very low annual percentage rate. Or you can get a card that has a very high annual percentage rate but only a small balance transfer fee. You can get a card that has a low balance transfer fee but has a high annual percentage rate. You can also find a card that has an excellent balance transfer fee rate and an incredibly high annual percentage rate.
There are many benefits you get from using an Amex statement credit card. You get a variety of travel rewards like airline miles, hotel discounts, car rental discounts, and many other items that can really help to save you money. You also get cash back on the purchases you make with your card. It's really easy to use this card and you are able to use it for just about any purpose. This gives you more freedom to shop and enjoy yourself while still being able to pay down your debt.
While this is a credit card, it is still a good idea to know that there are certain restrictions that you have to abide by. These can include the type of credit you have, your annual percentage rate, the total of your balance, and even whether or not you are over your credit limit. If you are over your credit limit, you won't be able to apply for another credit . . . . . . card from any bank or financial institution. Also, if you have a low credit score or a bad record, you'll probably be required to pay a higher interest rate on the credit card itself. As long as you keep these things in mind, you should be able to use your Amex card without having any issues.
One caution, don't overdo the spending. While there is plenty of benefits to owning an Amex credit card, you should never get so carried away that you start using it just for convenience. As tempting as the offers may seem, don't use the card to buy things you don't actually need, because the extra credit you get may only get you into more trouble. If you end up using your card beyond its intended purpose, you could end up paying too much in interest and even getting into deeper trouble.